Orphan drugs are medical products, which are intended for diagnosis, life-threatening disorders and prevention & treatment of serious diseases. These drugs are developed for treatment of that patients, who are suffering from the serious rare disease for which no or at least one treatment is available. This type of disease affects a very small portion of the population. To provide the appropriate treatment for rare disorders and to encourage the pharmaceutical & biotechnology companies to invest in the treatment for rare diseases, governments have shaped many legal & financial incentives. Rising cases of metabolic disorder & cardiovascular diseases to increase the global orphan drug market towards the staggering expansion in the upcoming years.
According to study, “Orphan Drugs Market Global Report 2020-30” the key companies operating in the global orphan drugs market are Bristol-Myers Squibb Company, Celgene Corporation, AbbVie Inc., Aegerion Pharmaceuticals, Inc., AstraZeneca plc, F. Hoffmann-La Roche Ltd., Johnson & Johnson, GlaxoSmithKline plc, Novartis AG, Sanofi, Pfizer Inc., Bayer HealthCare Pharmaceuticals Inc., Merck & Co., Inc., Vertex Pharmaceuticals, Alexion Pharmaceuticals, Inc., Biogen Idec, Actelion Pharmaceuticals Ltd, Boehringer Ingelheim GmbH, Amgen Inc., and Janssen Biotech, Inc. These leading players follow some strategies such as innovation, acquisition, product development, and expansion.
Based on disease type, orphan drugs market is segmented as metabolic diseases, oncologic diseases, neurologic diseases, infectious diseases, hematologic & immunologic diseases and other rare diseases. Based on indication type, market is segmented as acute myeloid leukemia, non-hodgkin lymphoma, cystic fibrosis, pancreatic cancer, glioma, graft vs host disease, multiple myeloma, ovarian cancer, renal cell carcinoma, duchenne muscular dyctrophy and others. In addition, based on distribution channel, market is segmented as retail pharmacy online sales, hospital pharmacy, online pharmacy and others.
The orphan drugs market is driven by rise in availability of exclusively for orphan drugs, followed by favorable government policies, and surge in prevalence of rare diseases. However, high treatment costs per patient and limited patient pool for clinical trials & product marketing may impact the market. Moreover, untapped emerging markets and rise in use of orphan drugs for novel indications are key opportunities for market.
Based on geography, the North-American region holds major share in global orphan drugs market owing increase in prevalence of rare disorders in the region. The European region is estimated to exhibit substantial growth rate due to increase in number of pharmaceutical companies exporting their products, introduction of innovative technologies, unmet medical necessities, favorable pricing, strong clinical pipeline over the forecast period. The Asian-Pacific region is also estimated to exhibit substantial growth rate as a result of growth in development of healthcare infrastructure and increase in population over the forecast period. It is predicted that future of the global market will be optimistic on account of rise in prevalence of various diseases such as cardiovascular & lymphatic systems, endocrinology, as well as respiratory disorders during the forecast period. The global orphan drugs market was valued at US $132.61 billion in 2019 and it is predictable to grow at a CAGR of 7.86% and reach US $179.49 billion by 2023.
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Global Orphan Drugs Market
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Global Orphan Drugs Market Trends and Drivers, Restraints, and Opportunities 2017-2023
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